News Point: CDC to invest $25 million in the platform created by Tata Value Homes and IFC to develop affordable housing in India.
Tata Value Homes, a 100% subsidiary of Tata Housing Development Company has raised $25 million through CDC, UK’s Development Finance Institution (DFI).
CDC, wholly owned by the UK Government, will join the affordable housing platform created by Tata Value Homes and IFC to develop affordable housing projects across the country.
Founded in 1948, CDC is the UK’s Development Finance Institution (DFI) and is wholly owned by the UK Government. Its mission is to support the building of businesses throughout Africa and South Asia to create jobs and make a lasting difference to people living in some of the world’s poorest places.
Announcing this development, Brotin Banerjee, MD & CEO, Tata Housing, said, “We are extremely happy to partner with CDC for the affordable housing platform created last year. Investment from CDC will help us further our commitment towards delivering quality living spaces to low and middle income groups in the country.”
Srini Nagarajan from CDC said, “We’ve made this investment because affordable housing in India is highly developmental sector because it creates a high number of construction jobs per dollar invested, and will increase access to housing for India’s emerging middle class. . We’re delighted to be partnering with Tata Value Homes, because of their prioritisation of quality above all else, and their strong focus on innovation and sustainable development.”
The world’s oldest DFI, it has a long history of making successful investments in businesses that have had a positive impact on the private sector in their country and region and improved the lives of many, many individuals.
